Short-Term Bond Fund of America 提交截至2026年8月31日的年度报告

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number

811-21928

Short-Term Bond Fund of America

(Exact name of registrant as specified in charter)

333 South Hope Street, 55th Floor
Los Angeles, California 90071

(Address of principal executive offices)

Becky L. Park

6455 Irvine Center Drive
Irvine, California 92618

(Name and address of agent for service)

Registrant's telephone number, including area code:

(949) 975-5000

Date of fiscal year end:

August 31

Date of reporting period:

August 31, 2026

ITEM 1 - Reports to Stockholders

ANNUAL SHAREHOLDER REPORT

Short-Term Bond Fund of America®

Class A

| ASBAX

for the year ended August 31, 2026

This annual shareholder report contains important information about Short-Term Bond Fund of America (the "fund") for the period from September 1, 2025 to August 31, 2026. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-A. You can also request this information by contacting us at
(800) 421-4225.

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Management's discussion of fund performance

The fund’s Class A shares gained 1.91% for the year ended August 31, 2026. That result compares with a 2.59% gain for the Bloomberg U.S. Government/Credit (1-3 Year ex-BBB) Index. For information on returns for additional periods, including the fund lifetime, please refer to capitalgroup.com/mutual-fund-returns-A.

What factors influenced results

During the fund's fiscal year, the U.S. fixed income market posted modest returns, with credit spreads near the lower end of their 10-year range. The U.S. economy remained resilient, although a softening labor market prompted the U.S. Federal Reserve to implement three 25-basis-point rate cuts in 2025. After trading in a narrow range in 2025, U.S. Treasury yields moved gradually higher after the start of the Middle East conflict amid persistent inflation concerns and increased government borrowing.

Within the fund, an out-of-benchmark allocation to securitized debt was the key contributor to relative results for the period. In securitized, allocations to asset-backed securities (ABS) had the biggest impact as they had broadly positive returns. Agency mortgage-backed securities (MBS), non-agency MBS holdings and commercial MBS (CMBS) all contributed to results.

Duration and curve positioning weighed on returns, relative to the index. An underweight in investment-grade (BBB/Baa and above) corporates also detracted from returns.

How a hypothetical $10,000 investment has grown

Figures reflect deduction of the maximum sales charge and assume reinvestment of dividends and capital gains.

Average annual total returns

*

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

†

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

The fund’s past performance is not a predictor of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

Portfolio holdings by asset type (percent of net assets)

*Less than 0.01%.
†Includes derivatives.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information

is available at

capitalgroup.com/mutual-fund-literature-A

.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts

at

the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at

(800) 421-4225

, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFAAARX-048-1026 © 2026 Capital Group. All rights reserved.

ANNUAL SHAREHOLDER REPORT

Short-Term Bond Fund of America®

Class C

| ASBCX

for the year ended August 31, 2026

This annual shareholder report contains important information about Short-Term Bond Fund of America (the "fund") for the period from September 1, 2025 to August 31, 2026. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-C. You can also request this information by contacting us at
(800) 421-4225.

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Management's discussion of fund performance

The fund’s Class C shares gained 1.06% for the year ended August 31, 2026. That result compares with a 2.59% gain for the Bloomberg U.S. Government/Credit (1-3 Year ex-BBB) Index. For information on returns for additional periods, including the fund lifetime, please refer to capitalgroup.com/mutual-fund-returns-C.

What factors influenced results

During the fund's fiscal year, the U.S. fixed income market posted modest returns, with credit spreads near the lower end of their 10-year range. The U.S. economy remained resilient, although a softening labor market prompted the U.S. Federal Reserve to implement three 25-basis-point rate cuts in 2025. After trading in a narrow range in 2025, U.S. Treasury yields moved gradually higher after the start of the Middle East conflict amid persistent inflation concerns and increased government borrowing.

Within the fund, an out-of-benchmark allocation to securitized debt was the key contributor to relative results for the period. In securitized, allocations to asset-backed securities (ABS) had the biggest impact as they had broadly positive returns. Agency mortgage-backed securities (MBS), non-agency MBS holdings and commercial MBS (CMBS) all contributed to results.

Duration and curve positioning weighed on returns, relative to the index. An underweight in investment-grade (BBB/Baa and above) corporates also detracted from returns.

How a hypothetical $10,000 investment has grown

Figures assume reinvestment of dividends and capital gains.

Average annual total returns

*

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

†

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

The fund’s past performance is not a predictor of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

Portfolio holdings by asset type (percent of net assets)

*Less than 0.01%.
†Includes derivatives.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-C

.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at

the

same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at

(800) 421-4225

, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFCCARX-048-1026 © 2026 Capital Group. All rights reserved.

ANNUAL SHAREHOLDER REPORT

Short-Term Bond Fund of America®

Class F-1

| ASBFX

for the year ended August 31, 2026

This annual shareholder report contains important information about Short-Term Bond Fund of America (the "fund") for the period from September 1, 2025 to August 31, 2026. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-F1. You can also request this information by contacting us at
(800) 421-4225.

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Management's discussion of fund performance

The fund’s Class F-1 shares gained 1.91% for the year ended August 31, 2026. That result compares with a 2.59% gain for the Bloomberg U.S. Government/Credit (1-3 Year ex-BBB) Index. For information on returns for additional periods, including the fund lifetime, please refer to capitalgroup.com/mutual-fund-returns-F1.

What factors influenced results

During the fund's fiscal year, the U.S. fixed income market posted modest returns, with credit spreads near the lower end of their 10-year range. The U.S. economy remained resilient, although a softening labor market prompted the U.S. Federal Reserve to implement three 25-basis-point rate cuts in 2025. After trading in a narrow range in 2025, U.S. Treasury yields moved gradually higher after the start of the Middle East conflict amid persistent inflation concerns and increased government borrowing.

Within the fund, an out-of-benchmark allocation to securitized debt was the key contributor to relative results for the period. In securitized, allocations to asset-backed securities (ABS) had the biggest impact as they had broadly positive returns. Agency mortgage-backed securities (MBS), non-agency MBS holdings and commercial MBS (CMBS) all contributed to results.

Duration and curve positioning weighed on returns, relative to the index. An underweight in investment-grade (BBB/Baa and above) corporates also detracted from returns.

How a hypothetical $10,000 investment has grown

Figures assume reinvestment of dividends and capital gains.

Average annual total returns

*

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

†

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

The fund’s past performance is not a predictor of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

Portfolio holdings by asset type (percent of net assets)

*Less than 0.01%.
†Includes derivatives.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-F1

.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts

at

the s

am

e address (householding). If you would prefer that your documents not be householded, please c

ont

act Capital Group at

(800) 421-4225

, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFF1ARX-048-1026 © 2026 Capital Group. All rights reserved.

ANNUAL SHAREHOLDER REPORT

Short-Term Bond Fund of America®

Class F-2

| SBFFX

for the year ended August 31, 2026

This annual shareholder report contains important information about Short-Term Bond Fund of America (the "fund") for the period from September 1, 2025 to August 31, 2026. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-F2. You can also request this information by contacting us at
(800) 421-4225.

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Management's discussion of fund performance

The fund’s Class F-2 shares gained 2.19% for the year ended August 31, 2026. That result compares with a 2.59% gain for the Bloomberg U.S. Government/Credit (1-3 Year ex-BBB) Index. For information on returns for additional periods, including the fund lifetime, please refer to capitalgroup.com/mutual-fund-returns-F2.

What factors influenced results

During the fund's fiscal year, the U.S. fixed income market posted modest returns, with credit spreads near the lower end of their 10-year range. The U.S. economy remained resilient, although a softening labor market prompted the U.S. Federal Reserve to implement three 25-basis-point rate cuts in 2025. After trading in a narrow range in 2025, U.S. Treasury yields moved gradually higher after the start of the Middle East conflict amid persistent inflation concerns and increased government borrowing.

Within the fund, an out-of-benchmark allocation to securitized debt was the key contributor to relative results for the period. In securitized, allocations to asset-backed securities (ABS) had the biggest impact as they had broadly positive returns. Agency mortgage-backed securities (MBS), non-agency MBS holdings and commercial MBS (CMBS) all contributed to results.

Duration and curve positioning weighed on returns, relative to the index. An underweight in investment-grade (BBB/Baa and above) corporates also detracted from returns.

How a hypothetical $10,000 investment has grown

Figures assume reinvestment of dividends and capital gains.

Average annual total returns

*

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

†

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

The fund’s past performance is not a predictor of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

Portfolio holdings by asset type (percent of net assets)

*Less than 0.01%.
†Includes derivatives.

Availability of additional info

rmat

ion

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-F2

.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at

(800) 421-4225

, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFF2ARX-048-1026 © 2026 Capital Group. All rights reserved.

ANNUAL SHAREHOLDER REPORT

Short-Term Bond Fund of America®

Class F-3

| FSBTX

for the year ended August 31, 2026

This annual shareholder report contains important information about Short-Term Bond Fund of America (the "fund") for the period from September 1, 2025 to August 31, 2026. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-F3. You can also request this information by contacting us at
(800) 421-4225.

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Management's discussion of fund performance

The fund’s Class F-3 shares gained 2.19% for the year ended August 31, 2026. That result compares with a 2.59% gain for the Bloomberg U.S. Government/Credit (1-3 Year ex-BBB) Index. For information on returns for additional periods, including the fund lifetime, please refer to capitalgroup.com/mutual-fund-returns-F3.

What factors influenced results

During the fund's fiscal year, the U.S. fixed income market posted modest returns, with credit spreads near the lower end of their 10-year range. The U.S. economy remained resilient, although a softening labor market prompted the U.S. Federal Reserve to implement three 25-basis-point rate cuts in 2025. After trading in a narrow range in 2025, U.S. Treasury yields moved gradually higher after the start of the Middle East conflict amid persistent inflation concerns and increased government borrowing.

Within the fund, an out-of-benchmark allocation to securitized debt was the key contributor to relative results for the period. In securitized, allocations to asset-backed securities (ABS) had the biggest impact as they had broadly positive returns. Agency mortgage-backed securities (MBS), non-agency MBS holdings and commercial MBS (CMBS) all contributed to results.

Duration and curve positioning weighed on returns, relative to the index. An

underweight

in investment-grade (BBB/Baa and above) corporates also detracted from returns.

How a hypothetical $10,000 investment has grown

Figures assume reinvestment of dividends and capital gains.

Average annual total returns

1

Class F-3 shares were first offered on January 27, 2017.

2

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

3

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

The fund’s past performance is not a predictor of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

Portfolio holdings by asset type (percent of net assets)

*Less than 0.01%.
†Includes derivatives.

Availability of additional info

rm

ation

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-F3

.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at

(800) 421-4225

, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFF3ARX-048-1026 © 2026 Capital Group. All rights reserved.

ANNUAL SHAREHOLDER REPORT

Short-Term Bond Fund of America®

Class 529-A

| CAAFX

for the year ended August 31, 2026

This annual shareholder report contains important information about Short-Term Bond Fund of America (the "fund") for the period from September 1, 2025 to August 31, 2026. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529A. You can also request this information by contacting us at
(800) 421-4225. 

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Management's discussion of fund performance

The fund’s Class 529-A shares gained 1.92% for the year ended August 31, 2026. That result compares with a 2.59% gain for the Bloomberg U.S. Government/Credit (1-3 Year ex-BBB) Index. For information on returns for additional periods, including the fund lifetime, please refer to capitalgroup.com/mutual-fund-returns-529A.

What factors influenced results

During the fund's fiscal year, the U.S. fixed income market posted modest returns, with credit spreads near the lower end of their 10-year range. The U.S. economy remained resilient, although a softening labor market prompted the U.S. Federal Reserve to implement three 25-basis-point rate cuts in 2025. After trading in a narrow range in 2025, U.S. Treasury yields moved gradually higher after the start of the Middle East conflict amid persistent inflation concerns and increased government borrowing.

Within the fund, an out-of-benchmark allocation to securitized debt was the key contributor to relative results for the period. In securitized, allocations to asset-backed securities (ABS) had the biggest impact as they had broadly positive returns. Agency mortgage-backed securities (MBS), non-agency MBS holdings and commercial MBS (CMBS) all contributed to results.

Duration and curve positioning weighed on returns, relative to the index. An underweight in investment-grade (BBB/Baa and above) corporates also detracted from returns.

How a hypothetical $10,000 investment has grown

Figures reflect deduction of the maximum sales charge and assume reinvestment of dividends and capital gains.

Average annual total returns

*

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

†

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

The fund’s past performance is not a predictor of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

Portfolio holdings by asset type (percent of net assets)

*Less than 0.01%.
†Includes derivatives.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-529A

.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at

(800) 421-4225

, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5AARX-048-1026 © 2026 Capital Group. All rights reserved.

ANNUAL SHAREHOLDER REPORT

Short-Term Bond Fund of America®

Class 529-C

| CCAMX

for the year ended August 31, 2026

This annual shareholder report contains important information about Short-Term Bond Fund of America (the "fund") for the period from September 1, 2025 to August 31, 2026. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529C. You can also request this information by contacting us at
(800) 421-4225. 

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Management's discussion of fund performance

The fund’s Class 529-C shares gained 1.11% for the year ended August 31, 2026. That result compares with a 2.59% gain for the Bloomberg U.S. Government/Credit (1-3 Year ex-BBB) Index. For information on returns for additional periods, including the fund lifetime, please refer to capitalgroup.com/mutual-fund-returns-529C.

What factors influenced results

During the fund's fiscal year, the U.S. fixed income market posted modest returns, with credit spreads near the lower end of their 10-year range. The U.S. economy remained resilient, although a softening labor market prompted the U.S. Federal Reserve to implement three 25-basis-point rate cuts in 2025. After trading in a narrow range in 2025, U.S. Treasury yields moved gradually higher after the start of the Middle East conflict amid persistent inflation concerns and increased government borrowing.

Within the fund, an out-of-benchmark allocation to securitized debt was the key contributor to relative results for the period. In securitized, allocations to asset-backed securities (ABS) had the biggest impact as they had broadly positive returns. Agency mortgage-backed securities (MBS), non-agency MBS holdings and commercial MBS (CMBS) all contributed to results.

Duration and curve positioning weighed on returns, relative to the index. An underweight in investment-grade (BBB/Baa and above) corporates also detracted from returns.

How a hypothetical $10,000 investment has grown

Figures assume reinvestment of dividends and capital gains.

Average annual total returns

*

Investment results assume all distributions are reinvested and

reflect

applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

†

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

The fund’s past performance is not a predictor of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

Portfolio holdings by asset type (percent of net assets)

*Less than 0.01%.
†Includes derivatives.

Availability of additional info

rm

ation

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-529C

.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at

(800) 421-4225

, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5CARX-048-1026 © 2026 Capital Group. All rights reserved.

ANNUAL SHAREHOLDER REPORT

Short-Term Bond Fund of America®

Class 529-E

| CEAMX

for the year ended August 31, 2026

This annual shareholder report contains important information about Short-Term Bond Fund of America (the "fund") for the period from September 1, 2025 to August 31, 2026. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529E. You can also request this information by contacting us at
(800) 421-4225. 

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Management's discussion of fund performance

The fund’s Class 529-E shares gained 1.69% for the year ended August 31, 2026. That result compares with a 2.59% gain for the Bloomberg U.S. Government/Credit (1-3 Year ex-BBB) Index. For information on returns for additional periods, including the fund lifetime, please refer to capitalgroup.com/mutual-fund-returns-529E.

What factors influenced results

During the fund's fiscal year, the U.S. fixed income market posted modest returns, with credit spreads near the lower end of their 10-year range. The U.S. economy remained resilient, although a softening labor market prompted the U.S. Federal Reserve to implement three 25-basis-point rate cuts in 2025. After trading in a narrow range in 2025, U.S. Treasury yields moved gradually higher after the start of the Middle East conflict amid persistent inflation concerns and increased government borrowing.

Within the fund, an out-of-benchmark allocation to securitized debt was the key contributor to relative results for the period. In securitized, allocations to asset-backed securities (ABS) had the biggest impact as

they

had broadly positive returns. Agency mortgage-backed securities (MBS), non-agency MBS holdings and commercial MBS (CMBS) all contributed to results.

Duration and curve positioning weighed on returns, relative to the index. An underweight in investment-grade (BBB/Baa and above) corporates also detracted from returns.

How a hypothetical $10,000 investment has grown

Figures assume reinvestment of dividends and capital gains.

Average annual total returns

*

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

†

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

The fund’s past performance is not a predictor of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

Portfolio holdings by asset type (percent of net assets)

*Less than 0.01%.
†Includes derivatives.

Availability of additional inf

orm

ation

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-529E

.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at

(800) 421-4225

, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5EARX-048-1026 © 2026 Capital Group. All rights reserved.

ANNUAL SHAREHOLDER REPORT

Short-Term Bond Fund of America®

Class 529-F-2

| FTSBX

for the year ended

August

31

,

2026

This annual shareholder report contains important information about Short-Term Bond Fund of America (the "fund") for the period from September 1, 2025 to August 31, 2026. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529F2. You can also request this information by contacting us at
(800) 421-4225. 

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Management's discussion of fund performance

The fund’s Class 529-F-2 shares gained 2.10% for the year ended August 31, 2026. That result compares with a 2.59% gain for the Bloomberg U.S. Government/Credit (1-3 Year ex-BBB) Index. For information on returns for additional periods, including the fund lifetime, please refer to capitalgroup.com/mutual-fund-returns-529F2.

What factors influenced results

During the fund's fiscal year, the U.S. fixed income market posted modest returns, with credit spreads near the lower end of their 10-year range. The U.S. economy remained resilient, although a softening labor market prompted the U.S. Federal Reserve to implement three 25-basis-point rate cuts in 2025. After trading in a narrow range in 2025, U.S. Treasury yields moved gradually higher after the start of the Middle East conflict amid persistent inflation concerns and increased government borrowing.

Within the fund, an out-of-benchmark allocation to securitized debt was the key contributor to relative results for the period. In securitized, allocations to asset-backed securities (ABS) had the biggest impact as they had broadly positive returns. Agency mortgage-backed securities (MBS), non-agency MBS holdings and commercial MBS (CMBS) all contributed to results.

Duration and curve positioning weighed on returns, relative to the index. An underweight in investment-grade (BBB/Baa and above) corporates also detracted from returns.

How a hypothetical $10,000 investment has grown

Figures assume reinvestment of dividends and capital gains.

Average annual total returns

1

Class 529-F-2 shares were first offered on October 30, 2020.

2

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

3

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

The fund’s past performance is not a predictor of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

Portfolio holdings by asset type (percent of net assets)

*Less than 0.01%.
†Includes derivatives.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-529F2

.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at

(800) 421-4225

, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5XARX-048-1026 © 2026 Capital Group. All rights reserved.

ANNUAL SHAREHOLDER REPORT

Short-Term Bond Fund of America®

Class 529-F-3

| FFTSX

for the year ended August

31

,

2026

This annual shareholder report contains important information about Short-Term Bond Fund of America (the "fund") for the period from September 1, 2025 to August 31, 2026. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-529F3. You can also request this information by contacting us at
(800) 421-4225. 

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Management's discussion of fund performance

The fund’s Class 529-F-3 shares gained 2.12% for the year ended August 31, 2026. That result compares with a 2.59% gain for the Bloomberg U.S. Government/Credit (1-3 Year ex-BBB) Index. For information on returns for additional periods, including the fund lifetime, please refer to capitalgroup.com/mutual-fund-returns-529F3.

What factors influenced results

During the fund's fiscal year, the U.S. fixed income market posted modest returns, with credit spreads near the lower end of their 10-year range. The U.S. economy remained resilient, although a softening labor market prompted the U.S. Federal Reserve to implement three 25-basis-point rate cuts in 2025. After trading in a narrow range in 2025, U.S. Treasury yields moved gradually higher after the start of the Middle East conflict amid persistent inflation concerns and increased government borrowing.

Within the fund, an out-of-benchmark allocation to securitized debt was the key contributor to relative results for the period. In securitized, allocations to asset-backed securities (ABS) had the biggest impact as they had broadly positive returns. Agency mortgage-backed securities (MBS), non-agency MBS holdings and commercial MBS (CMBS) all contributed to results.

Duration and curve positioning weighed on returns, relative to the index. An underweight in investment-grade (BBB/Baa and above) corporates also detracted from returns.

How a hypothetical $10,000 investment has grown

Figures assume reinvestment of dividends and capital gains.

Average annual total returns

1

Class 529-F-3 shares were first offered on October 30, 2020.

2

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

3

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

The fund’s past performance is not a predictor of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

Portfolio holdings by asset type (percent of net assets)

*Less than 0.01%.
†Includes derivatives.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-529F3

.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at

(800) 421-4225

, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF5YARX-048-1026 © 2026 Capital Group. All rights reserved.

ANNUAL SHAREHOLDER REPORT

Short-Term Bond Fund of America®

Class R-1

| RAMAX

for the year ended August 31,

2026

This annual shareholder report contains important information about Short-Term Bond Fund of America (the "fund") for the period from September 1, 2025 to August 31, 2026. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R1. You can also request this information by contacting us at
(800) 421-4225.

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Management's discussion of fund performance

The fund’s Class R-1 shares gained 1.18% for the year ended August 31, 2026. That result compares with a 2.59% gain for the Bloomberg U.S. Government/Credit (1-3 Year ex-BBB) Index. For information on returns for additional periods, including the fund lifetime, please refer to capitalgroup.com/mutual-fund-returns-R1.

What factors influenced results

During the fund's fiscal year, the U.S. fixed income market posted modest returns, with credit spreads near the lower end of their 10-year range. The U.S. economy remained resilient, although a softening labor market prompted the U.S. Federal Reserve to implement three 25-basis-point rate cuts in 2025. After trading in a narrow range in 2025, U.S. Treasury yields moved gradually higher after the start of the Middle East conflict amid persistent inflation concerns and increased government borrowing.

Within the fund, an out-of-benchmark allocation to securitized debt was the key contributor to relative results for the period. In securitized, allocations to asset-backed securities (ABS) had the biggest impact as they had broadly positive returns. Agency mortgage-backed securities (MBS), non-agency MBS holdings and commercial MBS (CMBS) all contributed to results.

Duration and curve positioning weighed on returns, relative to the index. An underweight in investment-grade (BBB/Baa and above) corporates also detracted from returns.

How a hypothetical $10,000 investment has grown

Figures assume reinvestment of dividends and capital gains.

Average annual total returns

*

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

†

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

The fund’s past performance is not a predictor of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

Portfolio holdings by asset type (percent of net assets)

*Less than 0.01%.
†Includes derivatives.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-R1

.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at

(800) 421-4225

, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR1ARX-048-1026 © 2026 Capital Group. All rights reserved.

ANNUAL SHAREHOLDER REPORT

Short-Term Bond Fund of America®

Class R-2

| RAMBX

for the year ended August

31

,

2026

This annual shareholder report contains important information about Short-Term Bond Fund of America (the "fund") for the period from September 1, 2025 to August 31, 2026. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R2. You can also request this information by contacting us at
(800) 421-4225.

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Management's discussion of fund performance

The fund’s Class R-2 shares gained 1.21% for the year ended August 31, 2026. That result compares with a 2.59% gain for the Bloomberg U.S. Government/Credit (1-3 Year ex-BBB) Index. For information on returns for additional periods, including the fund lifetime, please refer to capitalgroup.com/mutual-fund-returns-R2.

What factors influenced results

During the fund's fiscal year, the U.S. fixed income market posted modest returns, with credit spreads near the lower end of their 10-year range. The U.S. economy remained resilient, although a softening labor market prompted the U.S. Federal Reserve to implement three 25-basis-point rate cuts in 2025. After trading in a narrow range in 2025, U.S. Treasury yields moved gradually higher after the start of the Middle East conflict amid persistent inflation concerns and increased government borrowing.

Within the fund, an out-of-benchmark allocation to securitized debt was the key contributor to relative results for the period. In securitized, allocations to asset-backed securities (ABS) had the biggest impact as they had broadly positive returns. Agency mortgage-backed securities (MBS), non-agency MBS holdings and commercial MBS (CMBS) all contributed to results.

Duration and curve positioning weighed on returns, relative to the index. An underweight in investment-grade (BBB/Baa and above) corporates also detracted from returns.

How a hypothetical $10,000 investment has grown

Figures assume reinvestment of dividends and capital gains.

Average annual total returns

*

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

†

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

The fund’s past performance is not a predictor of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

Portfolio holdings by asset type (percent of net assets)

*Less than 0.01%.
†Includes derivatives.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-R2

.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at

(800) 421-4225

, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR2ARX-048-1026 © 2026 Capital Group. All rights reserved.

ANNUAL SHAREHOLDER REPORT

Short-Term Bond Fund of America®

Class R-2E

| RAAEX

for the year ended August

31

,

2026

This annual shareholder report contains important information about Short-Term Bond Fund of America (the "fund") for the period from September 1, 2025 to August 31, 2026. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R2E. You can also request this information by contacting us at
(800) 421-4225.

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Management's discussion of fund performance

The fund’s Class R-2E shares gained 1.56% for the year ended August 31, 2026. That result compares with a 2.59% gain for the Bloomberg U.S. Government/Credit (1-3 Year ex-BBB) Index. For information on returns for additional periods, including the fund lifetime, please refer to capitalgroup.com/mutual-fund-returns-R2E.

What factors influenced results

During the fund's fiscal year, the U.S. fixed income market posted modest returns, with credit spreads near the lower end of their 10-year range. The U.S. economy remained resilient, although a softening labor market prompted the U.S. Federal Reserve to implement three 25-basis-point rate cuts in 2025. After trading in a narrow range in 2025, U.S. Treasury yields moved gradually higher after the start of the Middle East conflict amid persistent inflation concerns and increased government borrowing.

Within the fund, an out-of-benchmark allocation to securitized debt was the key contributor to relative results for the period. In securitized, allocations to asset-backed securities (ABS) had the biggest impact as they had broadly positive returns. Agency mortgage-backed securities (MBS), non-agency MBS holdings and commercial MBS (CMBS) all contributed to results.

Duration and curve positioning weighed on returns, relative to the index. An underweight in investment-grade (BBB/Baa and above) corporates also detracted from returns.

How a hypothetical $10,000 investment has grown

Figures assume reinvestment of dividends and capital gains.

Average annual total returns

*

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

†

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

The fund’s past performance is not a predictor of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

Portfolio holdings by asset type (percent of net assets)

*Less than 0.01%.
†Includes derivatives.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-R2E

.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at

(800) 421-4225

, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MF2EARX-048-1026 © 2026 Capital Group. All rights reserved.

ANNUAL SHAREHOLDER REPORT

Short-Term Bond Fund of America®

Class R-3

| RAMCX

for the year ended August

31

,

2026

This annual shareholder report contains important information about Short-Term Bond Fund of America (the "fund") for the period from September 1, 2025 to August 31, 2026. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R3. You can also request this information by contacting us at
(800) 421-4225.

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Management's discussion of fund performance

The fund’s Class R-3 shares gained 1.65% for the year ended August 31, 2026. That result compares with a 2.59% gain for the Bloomberg U.S. Government/Credit (1-3 Year ex-BBB) Index. For information on returns for additional periods, including the fund lifetime, please refer to capitalgroup.com/mutual-fund-returns-R3.

What factors influenced results

During the fund's fiscal year, the U.S. fixed income market posted modest returns, with credit spreads near the lower end of their 10-year range. The U.S. economy remained resilient, although a softening labor market prompted the U.S. Federal Reserve to implement three 25-basis-point rate cuts in 2025. After trading in a narrow range in 2025, U.S. Treasury yields moved gradually higher after the start of the Middle East conflict amid persistent inflation concerns and increased government borrowing.

Within the fund, an out-of-benchmark allocation to securitized debt was the key contributor to relative results for the period. In securitized, allocations to asset-backed securities (ABS) had the biggest impact as they had broadly positive returns. Agency mortgage-backed securities (MBS), non-agency MBS holdings and commercial MBS (CMBS) all contributed to results.

Duration and curve positioning weighed on returns, relative to the index. An underweight in investment-grade (BBB/Baa and above) corporates also detracted from returns.

How a hypothetical $10,000 investment has grown

Figures assume reinvestment of dividends and capital gains.

Average annual total returns

*

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

†

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

The fund’s past performance is not a predictor of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

Portfolio holdings by asset type (percent of net assets)

*Less than 0.01%.
†Includes derivatives.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-R3

.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at

(800) 421-4225

, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR3ARX-048-1026 © 2026 Capital Group. All rights reserved.

ANNUAL SHAREHOLDER REPORT

Short-Term Bond Fund of America®

Class R-4

| RAMEX

for the year ended August 31,

2026

This annual shareholder report contains important information about Short-Term Bond Fund of America (the "fund") for the period from September 1, 2025 to August 31, 2026. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R4. You can also request this information by contacting us at
(800) 421-4225.

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Management's discussion of fund performance

The fund’s Class R-4 shares gained 1.95% for the year ended August 31, 2026. That result compares with a 2.59% gain for the Bloomberg U.S. Government/Credit (1-3 Year ex-BBB) Index. For information on returns for additional periods, including the fund lifetime, please refer to capitalgroup.com/mutual-fund-returns-R4.

What factors influenced results

During the fund's fiscal year, the U.S. fixed income market posted modest returns, with credit spreads near the lower end of their 10-year range. The U.S. economy remained resilient, although a softening labor market prompted the U.S. Federal Reserve to implement three 25-basis-point rate cuts in 2025. After trading in a narrow range in 2025, U.S. Treasury yields moved gradually higher after the start of the Middle East conflict amid persistent inflation concerns and increased government borrowing.

Within the fund, an out-of-benchmark allocation to securitized debt was the key contributor to relative results for the period. In securitized, allocations to asset-backed securities (ABS) had the biggest impact as they had broadly positive returns. Agency mortgage-backed securities (MBS), non-agency MBS holdings and commercial MBS (CMBS) all contributed to results.

Duration and curve positioning weighed on returns, relative to the index. An underweight in investment-grade (BBB/Baa and above) corporates also detracted from returns.

How a hypothetical $10,000 investment has grown

Figures assume reinvestment of dividends and capital gains.

Average annual total returns

*

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

†

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

The fund’s past performance is not a predictor of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

Portfolio holdings by asset type (percent of net assets)

*Less than 0.01%.
†Includes derivatives.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-R4

.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at

(800) 421-4225

, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR4ARX-048-1026 © 2026 Capital Group. All rights reserved.

ANNUAL SHAREHOLDER REPORT

Short-Term Bond Fund of America®

Class R-5E

| RAAGX

for the year ended August 31,

2026

This annual shareholder report contains important information about Short-Term Bond Fund of America (the "fund") for the period from September 1, 2025 to August 31, 2026. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R5E. You can also request this information by contacting us at
(800) 421-4225.

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Management's discussion of fund performance

The fund’s Class R-5E shares gained 2.04% for the year ended August 31, 2026. That result compares with a 2.59% gain for the Bloomberg U.S. Government/Credit (1-3 Year ex-BBB) Index. For information on returns for additional periods, including the fund lifetime, please refer to capitalgroup.com/mutual-fund-returns-R5E.

What factors influenced results

During the fund's fiscal year, the U.S. fixed income market posted modest returns, with credit spreads near the lower end of their 10-year range. The U.S. economy remained resilient, although a softening labor market prompted the U.S. Federal Reserve to implement three 25-basis-point rate cuts in 2025. After trading in a narrow range in 2025, U.S. Treasury yields moved gradually higher after the start of the Middle East conflict amid persistent inflation concerns and increased government borrowing.

Within the fund, an out-of-benchmark allocation to securitized debt was the key contributor to relative results for the period. In securitized, allocations to asset-backed securities (ABS) had the biggest impact as they had broadly positive returns. Agency mortgage-backed securities (MBS), non-agency MBS holdings and commercial MBS (CMBS) all contributed to results.

Duration and curve positioning weighed on returns, relative to the index. An underweight in investment-grade (BBB/Baa and above) corporates also detracted from returns.

How a hypothetical $10,000 investment has grown

Figures assume reinvestment of dividends and capital gains.

Average annual total returns

*

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

†

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

The fund’s past performance is not a predictor of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

Portfolio holdings by asset type (percent of net assets)

*Less than 0.01%.
†Includes derivatives.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-R5E

.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at

(800) 421-4225

, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFE5ARX-048-1026 © 2026 Capital Group. All rights reserved.

ANNUAL SHAREHOLDER REPORT

Short-Term Bond Fund of America®

Class R-5

| RAMFX

for the year ended August 31,

2026

This annual shareholder report contains important information about Short-Term Bond Fund of America (the "fund") for the period from September 1, 2025 to August 31, 2026. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R5. You can also request this information by contacting us at
(800) 421-4225.

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Management's discussion of fund performance

The fund’s Class R-5 shares gained 2.14% for the year ended August 31, 2026. That result compares with a 2.59% gain for the Bloomberg U.S. Government/Credit (1-3 Year ex-BBB) Index. For information on returns for additional periods, including the fund lifetime, please refer to capitalgroup.com/mutual-fund-returns-R5.

What factors influenced results

During the fund's fiscal year, the U.S. fixed income market posted modest returns, with credit spreads near the lower end of their 10-year range. The U.S. economy remained resilient, although a softening labor market prompted the U.S. Federal Reserve to implement three 25-basis-point rate cuts in 2025. After trading in a narrow range in 2025, U.S. Treasury yields moved gradually higher after the start of the Middle East conflict amid persistent inflation concerns and increased government borrowing.

Within the fund, an out-of-benchmark allocation to securitized debt was the key contributor to relative results for the period. In securitized, allocations to asset-backed securities (ABS) had the biggest impact as they had broadly positive returns. Agency mortgage-backed securities (MBS), non-agency MBS holdings and commercial MBS (CMBS) all contributed to results.

Duration and curve positioning weighed on returns, relative to the index. An underweight in investment-grade (BBB/Baa and above) corporates also detracted from returns.

How a hypothetical $10,000 investment has grown

Figures assume reinvestment of dividends and capital gains.

Average annual total returns

*

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

†

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

The fund’s past performance is not a predictor of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

Portfolio holdings by asset type (percent of net assets)

*Less than 0.01%.
†Includes derivatives.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-R5

.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at

(800) 421-4225

, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR5ARX-048-1026 © 2026 Capital Group. All rights reserved.

ANNUAL SHAREHOLDER REPORT

Short-Term Bond Fund of America®

Class R-6

| RMMGX

for the year ended August

31

,

2026

This annual shareholder report contains important information about Short-Term Bond Fund of America (the "fund") for the period from September 1, 2025 to August 31, 2026. You can find additional information about the fund at capitalgroup.com/mutual-fund-literature-R6. You can also request this information by contacting us at
(800) 421-4225.

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

Management's discussion of fund performance

The fund’s Class R-6 shares gained 2.30% for the year ended August 31, 2026. That result compares with a 2.59% gain for the Bloomberg U.S. Government/Credit (1-3 Year ex-BBB) Index. For information on returns for additional periods, including the fund lifetime, please refer to capitalgroup.com/mutual-fund-returns-R6.

What factors influenced results

During the fund's fiscal year, the U.S. fixed income market posted modest returns, with credit spreads near the lower end of their 10-year range. The U.S. economy remained resilient, although a softening labor market prompted the U.S. Federal Reserve to implement three 25-basis-point rate cuts in 2025. After trading in a narrow range in 2025, U.S. Treasury yields moved gradually higher after the start of the Middle East conflict amid persistent inflation concerns and increased government borrowing.

Within the fund, an out-of-benchmark allocation to securitized debt was the key contributor to relative results for the period. In securitized, allocations to asset-backed securities (ABS) had the biggest impact as they had broadly positive returns. Agency mortgage-backed securities (MBS), non-agency MBS holdings and commercial MBS (CMBS) all contributed to results.

Duration and curve positioning weighed on returns, relative to the index. An underweight in investment-grade (BBB/Baa and above) corporates also detracted from returns.

How a hypothetical $10,000 investment has grown

Figures assume reinvestment of dividends and capital gains.

Average annual total returns

*

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

†

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

The fund’s past performance is not a predictor of its future performance.

The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

Portfolio holdings by asset type (percent of net assets)

*Less than 0.01%.
†Includes derivatives.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at

capitalgroup.com/mutual-fund-literature-R6

.

Important information

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at

(800) 421-4225

, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFR6ARX-048-1026 © 2026 Capital Group. All rights reserved.

ITEM 2 - Code of Ethics

The Registrant has adopted a Code of Ethics, as of the end of the period covered by this report, applicable to the registrant's principal executive officer, principal financial officer and principal accounting officer, or persons performing similar functions. A copy of the code of ethics is available without charge at https://www.capitalgroup.com/individual/pdf/shareholder/cg_code_of_ethics.pdf.

ITEM 3 - Audit Committee Financial Expert

The Registrant's board has determined that Leslie Stone Heisz, a member of the Registrant's audit committee, is an "audit committee financial expert" and "independent," as such terms are defined in this Item. This designation will not increase the designee's duties, obligations or liability as compared to his or her duties, obligations and liability as a member of the audit committee and of the board, nor will it reduce the responsibility of the other audit committee members. There may be other individuals who, through education or experience, would qualify as "audit committee financial experts" if the board had designated them as such. Most importantly, the board believes each member of the audit committee contributes significantly to the effective oversight of the Registrant's financial statements and condition.

ITEM 4 - Principal Accountant Fees and Services

1The audit fees represents fees billed for professional services rendered for the audit and review of the Registrant's annual financial statements. The audit-related fees represents fees billed for assurance and related services that are reasonably related to the performance of the audit or review of the Registrant's financial statements, but not reported under "audit fees". The tax fees consist of professional services relating to the preparation of the Registrant’s tax returns. The other fees represents fees, if any, billed for other products and services rendered by the principal accountant to the Registrant other than those reported under the "audit fees", "audit-related fees", and "tax fees".

2This includes only fees for non-audit services billed to the adviser and affiliates for engagements that relate directly to the operations and financial reporting of the Registrant and were subject to the pre-approval policies described below. The audit- related fees consist of assurance and related services relating to the examination of the Registrant’s transfer agent, principal underwriter and investment adviser conducted in accordance with Statement on Standards for Attestation Engagements Number 18 issued by the American Institute of Certified Public Accountants. The tax fees consist of consulting services relating to the Registrant’s investments. The other fees consist of subscription services related to an accounting research tool.

3Aggregate non-audit fees paid to the Registrant’s auditors, including fees for all services billed to the Registrant, adviser and affiliates that provide ongoing services to the Registrant. The non-audit services represented by these amounts were brought to the attention of the committee and considered to be compatible with maintaining the auditors’ independence.

(e1)(e2)(h) All audit and permissible non-audit services that the Registrant’s audit committee considers compatible with maintaining the independent registered public accounting firm’s independence are required to be pre-approved by the committee. The pre-approval requirement will extend to all non-audit services provided to the Registrant, the investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant, if the engagement relates directly to the operations and financial reporting of the Registrant. The committee will not delegate its responsibility to pre-approve these services to the investment adviser. The committee may delegate to one or more committee members the authority to review and pre-approve audit and permissible non-audit services. Actions taken under any such delegation will be reported to the full committee at its next meeting. The pre-approval requirement is waived with respect to non-audit services if certain conditions are met. The pre-approval requirement was not waived for any of the non-audit services listed above provided to the Registrant, adviser and affiliates.

(f)Not applicable.

(i)Not applicable.

(j)Not applicable.

ITEM 5 - Audit Committee of Listed Registrants

Not applicable to this Registrant, insofar as the Registrant is not a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934.

ITEM 6 - Investments

The Investment Portfolio is included as part of the material filed under Item 7 of this Form.

ITEM 7 - Financial Statements and Financial Highlights for Open-End Management Investment Companies

Short-Term Bond Fund of America®

Financial Statements and Other Information
N-CSR Items 7-11

for the year ended August 31, 2026

Lit. No. MFGEFP4-048-1026 © 2026 Capital Group. All rights reserved.

Investment portfolio August 31, 2026